In this case, there's no longer the number 78 in Rule of 78!
But calculation still the same, except with 7 years or 84 months you will get 3570.

So how to get 3,570?

So the interest trend in Rule of 78:

The amount of interest is highest in the beginning

and reduces over the loan period.While principal increases throughout the period.

How does it affects me?
Well, it doesn't affect unless you are going for early settlement or repayment.Hence, it is important to know which debt to settle first when you got a lump sum.
Subsequently, you could also check with your financial planner!Looking for a financial planner? Contact me!

I was looking for a formula to calculate Car Loan but most of the links took me to a calculator page. Appreciate the post. The simplest formula to calculate car loan is Total Interest = [Interest rate/100]*Total Loan Amount*Total Loan Tenure (years)

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